The marketplace has
become highly dynamic and vibrant and as a result, brand strategies
should focus on aligning with changing market realities.
It is evident now
that old strategies may not work again with the present scenario in the
marketplace. Competition has become stiff and consumers are more
discerning than before. Unlike before, brand strategies should focus on
raising consumer interest and reinventing the rules to meet up with the
current trends in the market.
I marvel today that
I can find Mr Biggs outlets in the heart of Oshodi as well as in Abule
Egba. Several years ago, they were restricted to choice elitist
locations. However, the aggressive market penetration strategies of
Tantalizers and others forced Mr Biggs to re-think and reposition the
business.
The positioning
strategy of Tantalizers and others encroached on the market share of Mr
Biggs. Tantalizers achieved a great feat by establishing its outlets at
strategic locations. Sweet Sensation and Tastee Fried Chicken also
faced the market realities by building consumer-centric brands to
deliver on brand promise. This forced Mr Biggs to also return to the
drawing table and align with foreign partners to penetrate the market
and retain its pedigree.
Today, the Nigerian
fast food industry brands, worth 250 billion naira according to the CEO
of Tastee Fried Chicken, have grown to become dominant brands even with
the entrance of foreign brands such as KFC, Nandos, and Barcelos. If
the fast food brands have not embraced the paradigm shift to deliver
customer-centric services and move with the pace of the market, this
would have been an unfulfilled dream.
It is imperative to
state that the stronger the brand, the more it has power to influence
the market and gain acceptance. I believe this is one edge that Mr
Biggs deployed effectively to retain its pedigree. The “Mr Nigeria”
communication campaign reinforces this assertion.
Market realities
have also shown that much emphasis should not be placed only on brand
image but a strong focus on the brand and its offerings. There should
be one unique selling point for the brand that differentiates it in the
market place. It is now a focus on “what I can offer as value” as
against “this is who I am”. The brand should be viewed from the
totality of its offerings to retain consumer loyalty.
The need to gain
consumers’ attention is one area that brands have been forced to deal
with. They need to make efforts to determine consumer ratings and
continuously touch base with them. This is evident with the fast food
industry. Consumers’ patronage was taken for granted but now, the QSR
brands engage in consumer insights to improve on their service
delivery.
To remain dominant
in today’s market, it is important to evaluate consumer response in
order to build relationships and sustain loyalty. However, there is
still a long way to go in this regard due to the service delivery of
some brands within the industry.
The market
realities are telling a different story and brands need to re-invent
the rules to remain dominant in the market and survive the onslaught of
other competing brands.
Indomie noodles has
continuously developed to remain dominant. Despite the fact that
Indomie has become the generic name for noodles, it has continuously
strived to face market realities and not take anything for granted. The
introduction of the box noodle is pointer to this fact. Brands should
not rest on their oars.
Brands also need to
build visibility. This is one challenge that is facing some insurance
companies in Nigeria. The market scenario today dictates visible image
to promote brand acceptability. This is one major reason for apathy to
insurance services as visibility efforts to instil public confidence is
not there.
For any brand to
remain in today’s market, it should make every moment count for the
consumer. This clearly its distinctiveness. The strength of the brand
and its position in the mind of the consumers describe one’s market.
Airtel and its indiscriminate deduction
During the course
of the week, I lost over N500 to Airtel as a result of indiscriminate
deduction for calls never made. Each time the text message on Airtel
Millionaire promo enters my phone, I lose N100. I conducted a random
opinion sample and some other subscribers are affected too. We demand
an explanation from Airtel on this.
